Lautaro Mon AI aids in streamlining administrative tasks such as policy management , premium calculations , and policy renewals . Elements of gamification further encourage policyholders to adopt healthier lifestyles , thereby making policy management more interactive and engaging .

In light of rapid technological advancements and changing consumer expectations , it becomes evident that insurers cannot afford to regard AI and automation as static , one-time solutions .

Instead , they must consider customer service automation as a constantly evolving practice to stay abreast of these changes .

John Beal AI and ML techniques enable data-based decisions to be made , at speed . In household insurance , for example , prefill and data validation solutions help make the whole application process quick and simple , improving pricing accuracy while cutting the time it takes for a customer to gain a quote . No more guessing at rebuild costs or property age .

This is only possible through a huge amount of modelling , linking , and AI-ML techniques to pull all the data together to return accurate and up-to-date information on the person and property . In the US , we are using AI-enabled innovation to help consumers and insurers gather more information about the inside and outside of the home and the roof condition for underwriting , renewal and in the event of a claim .

For businesses needing new commercial property space , AI can provide valuable insights into the footfall , crime rate , exposure to perils , portfolio risk aggregation , or other local circumstances that increase the risk to the property .

Forewarned is forearmed , so access to these insights allows the customer to take preventative measures which has the benefit of reducing the risk and potential claims costs .

René Schoenauer AI is able to quickly collate and analyse insights and ever-changing risk factors for consideration by the underwriter to support policy decisions .

80 December 2023